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In December, a company had a beginning inventory of 5 units valued at $3.00 each. The...

In December, a company had a beginning inventory of 5 units valued at $3.00 each. The company uses FIFO as the inventory costing method. What is the ending inventory when the company had the following transactions

12/2 purchased 10 units at $4.50 each

12/5 sold 8 units for $7.00 apiece

12/10 purchased 13 units for $5.00 each

12/20 sold 15 units at $8.00 apiece

12/26 purchased 8 units for $5.30 each

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Answer #1

*In FIFO method the units that have purchased first (earliest), are released the first one and the ending inventory
units remain from the last (recent) purchases.
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